SkyBest Communications Enters Into Acquisition Agreement with Loretto Telecom
Just a few days into 2018, TTA member Loretto Telecom announced it had entered an acquisition agreement with SkyBest, that, pending regulatory approval, would have SkyBest purchase Loretto’s stock. The deal closed on April 30, bringing Loretto into the Skyline/Skybest family. SkyBest, a subsidiary of SkyLine Telephone Membership Corp., is a member-owned telephone cooperative based in North Carolina. Like family-owned Loretto Telephone, SkyBest is also a member of the Tennessee Telecommunications Association.
“Ms. Louise Brown, chairman of the board, and our family have always treasured our legacy in providing premiere telecommunications services and have selected an excellent company in SkyBest Communications to transfer the legacy obligations that our family has always held dear,” says Desda Passarella Hutchins, Loretto Telecom president and chief executive officer.
Loretto Telephone Co., incorporated in 1956, has almost 3,500 access lines. Loretto Communication Service formed in 2000 to expand offerings such as broadband and medical alert services.
Jimmy Blevins, SkyBest chief executive officer, affirms the future of Loretto Telecom.
“Our cooperative and subsidiaries have enjoyed a long history of operating a state-of-the-art network, providing the very latest telecommunications and exceptional customer service, and investing in our communities, and we commit to continue this tradition of excellence for Loretto Telecom customers in the years to come,” Blevins says.
SkyLine has about 27,343 access lines across four counties in North Carolina and Johnson City, Tennessee.
In October, SkyLine announced the purchase of Chesnee Telephone Co., an independent exchange with 2,750 access lines in South Carolina.
The deal closed on April 30, bringing Loretto into the Skyline/Skybest family.